The AICPA has issued a proposed ethics interpretation to help CPAs understand to what extent they can assist clients with implementing new accounting standards. The proposal identifies certain items as being nonattest services for which the normal rules for nonattest services would apply – management having SKE, management accepting responsibility, etc. On the other hand, it also identifies prohibited nonattest services the CPA can not perform without impairing independence. Comments are due December 20, 2021.
FASB has issued a proposed ASU addressing the accounting for investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those securities. The proposal clarifies that a contractual restriction on the sale of these securities is not considered part of the unit of account of the equity security which means it does not impact the measurement of fair value. Comments are due by November 14, 2021.
Governmental Accounting Standards Board (GASB) issued a REVISED exposure draft regarding Notes to the Financial Statements. This is in preparation for a Concept Statement that helps determine what is “essential” for disclosure. The Board previously issued an ED back in 2020 and has made revisions based on the feedback received. Comments are due by October 15, 2021.
GASB has issued a proposed Omnibus Exposure Draft. The ED addresses implementation issues for leases, PPP and SBITA as well as targeted accounting guidance. It also addresses the delay in reference rate reform and LIBOR discontinuance. The Omnibus addresses a variety of topics that are not large enough to address in a standalone standard but that improve financial reporting. Comments are due September 17, 2021.
Have you ever wanted to influence the topics that FASB covers in its standard setting? Well, now here’s your chance. Today, Financial Accounting Standards Board (FASB) issued its Invitation to Comment (ITC) that asks individuals to provide feedback on its future standard-setting agenda. The ITC offers examples of topics provided by various stakeholders during the consultation process but provides opportunity to give additional thoughts to what FASB should focus their time on. Comments are due September 22, 2021.